Overview of Bangladesh Economy
 
Major Industries
 
Major Exportable Items
 
Major Importable Items
 
Major Trading Partners

   

 

     

Overview of Bangladesh Economy

 

Bangladesh economy has been undergoing steady above 6% average annual real GDP growth for the last two decades with sustainable economic and social development despite global financial crisis and the subsequent slowdown. It is now the 47th largest economy in terms of GDP size (World Bank, 2015). The country is rapidly transforming from an agrarian structure to a service based and manufacturing economy; remarkably reduced its aid dependency and become a trade dependent vibrant economy.

 

Exports also continued to grow together with healthy inflows of remittances from workers abroad, underpinned strong gains in external sector viability reflected in positive current account balance. The current foreign exchange reserve is now US$ 31 billion which was only 10.36 billion in FY2011-12. Prudent fiscal policy helped accumulating higher revenues with moderate deficits leading to declining public debt ratio.

 

Bangladesh has achieved most of the MDGs including halving of poverty well ahead of 2015 timeline. Rapid poverty decline in the large population of 160 million is attracting domestic and foreign investors; couple with the very competitive wage in the largely young working population created economic incentives for relocation of foreign investors from costlier locations elsewhere.

 

Bangladesh is now charting the next phase of her progress path aiming at: reaching the upper middle income country group GNI threshold by 2021, and attaining developed advanced economy status by 2041.

 

  Gross Domestic Products (GDP) at current price,

  2015-2015

 : US$ 195.10 billion
  GDP Growth (%)  : 6.6 %
  Per Capita Income at current price, 2015-2016  : US$ 1,466.00
  Distribution of GDP in percent
    Agriculture  : 15.3%
  Industry  : 31.28%
  Service  : 53.39%
  Inflation (CPI)  : 6.3% (average)
  Total Export 2015-2016  : 34.24 billion
  Total Import 2014-2015  : 34.64 billion
  Remittance 2015-2016  : 14.93 billion
  Foreign Direct Investment 2015  : 2,235.39 million
  Foreign Exchange Reserve, August 2016  : 31.16 billion
  Exchange rate  US$ 1=BDT 78.40

 

Major Industries:

Readymade Garments (woven and knitwear), Textile, Chemical, Sugar, Fertiliser, Cement, Pharmaceuticals, Frozen Food, Jute goods, Leather Ship Building.

 

Major Export Items :

Knitwear, Woven, Garments, Shrimps, Home, Textile, Bi-cycle, Light engineering products, Vegetables, Frozen Fish, Terry Towel, Tableware, Jute yarn and jute goods, Computer services, Leather Products and Footwear

 

Major Import Items:

Machinery and equipment, chemicals, iron and steel, yarn, textiles, food grain & other foodstuffs, crude petroleum & petroleum products, plastic and rubber articles.

 

Major Trading Partners:

Export: USA, Germany, UK, France, Canada, Italy.
Import: China, India, Kuwait, Singapore, Hong Kong, Malaysia.

   
High Commission for the People's Republic of Bangladesh, 28 Queen's Gate, London SW7 5JA